Deepwater Asset Management LLC Grows Stake in Block, Inc. (NYSE:SQ)

Deepwater Asset Management LLC grew its stake in shares of Block, Inc. (NYSE:SQ) by 11.1% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 217,916 shares of the technology company’s stock after acquiring an additional 21,727 shares during the period. Block comprises 5.1% of Deepwater Asset Management LLC’s investment portfolio, making the stock its 11th biggest position. Deepwater Asset Management LLC’s holdings in Block were worth $14,053,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of SQ. Riverview Trust Co bought a new position in Block during the first quarter worth about $28,000. YHB Investment Advisors Inc. bought a new position in Block in the 1st quarter valued at $33,000. LRI Investments LLC purchased a new position in Block during the first quarter worth about $34,000. Tidemark LLC purchased a new position in shares of Block during the fourth quarter worth about $32,000. Finally, Vima LLC purchased a new position in Block in the 4th quarter worth approximately $34,000. Hedge funds and other institutional investors own 70.44% of the company’s stock.

Insider Transactions at Block

In related news, insider Brian Grassadonia sold 8,328 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $64.77, for a total transaction of $539,404.56. Following the sale, the insider now directly owns 580,086 shares of the company’s stock, valued at $37,572,170.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CAO Ajmere Dale sold 471 shares of the stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $64.37, for a total transaction of $30,318.27. Following the transaction, the chief accounting officer now directly owns 92,866 shares of the company’s stock, valued at approximately $5,977,784.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Brian Grassadonia sold 8,328 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $64.77, for a total value of $539,404.56. Following the completion of the transaction, the insider now owns 580,086 shares in the company, valued at $37,572,170.22. The disclosure for this sale can be found here. Insiders sold 28,179 shares of company stock worth $1,833,962 over the last quarter. 10.49% of the stock is currently owned by insiders.

Block Stock Down 1.7 %

NYSE:SQ opened at $67.46 on Friday. The firm has a 50-day simple moving average of $64.24 and a two-hundred day simple moving average of $69.01. The firm has a market cap of $41.63 billion, a P/E ratio of 87.61, a P/E/G ratio of 1.15 and a beta of 2.49. Block, Inc. has a fifty-two week low of $38.85 and a fifty-two week high of $87.52. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.82 and a current ratio of 1.82.

Block (NYSE:SQ) last announced its quarterly earnings data on Thursday, August 1st. The technology company reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.84 by $0.09. The company had revenue of $6.16 billion during the quarter, compared to analyst estimates of $6.27 billion. Block had a net margin of 3.47% and a return on equity of 3.77%. The firm’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.40 EPS. Analysts predict that Block, Inc. will post 1.72 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Block from $90.00 to $98.00 and gave the stock a “buy” rating in a research note on Friday, July 12th. Susquehanna reiterated a “positive” rating and issued a $100.00 target price on shares of Block in a research report on Wednesday, June 26th. BMO Capital Markets upped their price target on shares of Block from $92.00 to $93.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. UBS Group reduced their price objective on Block from $100.00 to $92.00 and set a “buy” rating on the stock in a research note on Tuesday, August 27th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $88.00 target price on shares of Block in a research note on Friday, August 2nd. One analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $87.34.

About Block

Square, Inc provides payment and point-of-sale solutions in the United States and internationally. The company's commerce ecosystem includes point-of-sale software and hardware that enables sellers to turn mobile and computing devices into payment and point-of-sale solutions. It offers hardware products, including Magstripe reader, which enables swiped transactions of magnetic stripe cards; Contactless and chip reader that accepts EMV® chip cards and Near Field Communication payments; Chip card reader, which accepts EMV® chip cards and enables swiped transactions of magnetic stripe cards; Square Stand, which enables an iPad to be used as a payment terminal or full point of sale solution; and Square Register that combines its hardware, point-of-sale software, and payments technology, as well as managed payments solutions.